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Addition for Cash deposit during demonetisation Period: ITAT directs AO to follow CBDT Circulars
Case Law Details
- Case Name
- Shri T. Sriranga (HUF) Vs Income Tax Officer (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Shri T. Sriranga (HUF) Vs ITO (ITAT Bangalore)
Admittedly cash has been deposited to the current account of the assessee amounting to Rs.46,85, 140/-. The only explanation offered by assessee is that the source of cash deposits are from cash sales of the business. We note that the Ld.AO while verifying the claim has not considered the circulars issued by CBDT pertaining to cash deposits during demonetisation period.
We note that no specific query was raised by the Ld.AO, in respect of the cash deposits during the demonetisation period. The Ld.AO did not follow the circulars is...
